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roblem 7. Omar Little likes to consume Honey Nut Cheerios xh and Newports xn. His utility function over the goods is u(xh, xn) = x^2/3_h
roblem 7. Omar Little likes to consume Honey Nut Cheerios xh and Newports xn. His utility function over the goods is u(xh, xn) = x^2/3_h x^1/3_n . (a) What are Omar's demand functions? (b) What is his price elasticity of demand? (c) What is his income elasticity of demand? (d) Cobb-Douglas utility functions have a unique property when it comes to elasticity. Based on what you demonstrated in part (b) and (c), what is this property
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